Metals Shine The Best
The relaxing of virus restrictions in China, the reduction of steel export duty and the drop in coking coal prices all contributed to the rally
The relaxing of virus restrictions in China, the reduction of steel export duty and the drop in coking coal prices all contributed to the rally
The Indian benchmark indices experienced a robust rally in the first week of the fortnight, matching the global upswing sparked by Federal Reserve’s hints of a slowdown in interest rate hikes starting in December. The domestic indices reached new all-time highs, bringing back the long-missing optimism. India’s foreign exchange reserves strengthened for the third week in a row as a result of reducing pressure on the rupee and a drop in crude oil prices. The indices then tumbled significantly as a result of profit booking and the Reserve Bank of India’s ratesetting panel hiking lending rates by 35 basis points while reducing its forecast for real GDP growth to 6.8 per cent.
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